Inventories

Inventory consists of the following components:



	March 31, 2016			December 31, 2015
	(In thousands)
Crude oil	$	523,754		$	518,922
Other raw materials and unfinished products⁽¹⁾	184,804			214,832
Finished products⁽²⁾	622,578			603,568
Lower of cost or market reserve	(568,336		)	(624,457		)
Process chemicals⁽³⁾	5,558			4,477
Repair and maintenance supplies and other	123,580			124,527
Total inventory	$	891,938		$	841,869


(1)	Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.


(2)	Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.


(3)	Process chemicals include additives and other chemicals.

Inventories, which are valued at the lower of LIFO cost or market, reflect a valuation reserve of $568.3 million and $624.5 million at March 31, 2016 and December 31, 2015, respectively. The December 31, 2015 market reserve of $624.5 million was reversed due to the sale of inventory quantities that gave rise to the 2015 reserve. A new market reserve of $568.3 million was established as of March 31, 2016 based on market conditions and prices at that time. The effect of the change in lower of cost or market reserve was a $56.1 million and $6.5 million decrease to cost of products sold for the three months ended March 31, 2016 and 2015, respectively.